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Last question... will there be any difference between using a digital cable vs. Toslink?

Receiver is AVR4700. Klipsch Forte speakers. Two RSL Speedwoofers. Audyssey, with a little bass tweaking. Streaming Tidal to the WiiM Pro. Since running Toslink from the WiiM to the 4700 is using the 4700's DAC, I'll leave it as is. I appreciate the info from everyone.

I am using a WiiM pro, connected via Toslink to my Denon 4700. I want to add a moderately priced external DAC, but I am wondering how to connect it. I am not aware of a DAC that allows both Toslink in and out. Do I need it? What will I lose, if anything, if I run to the DAC in Toslink, then...